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Thunderbird 2 is comprised of two parts: a framed superstructure and a pod. Thunderbird 2's frame incorporates the cockpit, wings, and fuel tank near the vehicle's front, and at the rear the engines and the spoiler, which serves to aid lift and stability. Two stilts are located each at the front and back of the craft to hydraulically lift the craft upward, allowing for the clearing of the pod. Its middle is hollow, to fully accommodate one of the six (total) pods that is required for the mission. Each pod is equipped with undercarriage for a smooth landing for the ship, and contains a huge capacity for storing the rescue vehicle that is needed. The craft is, however, completely capable of vertical takeoff and landing without the pod, but has less integrity this way.

Thunderbird 2 has made an appearance in all but one episode (The Impostors), and also appeared in both feature films.

Its main use in the series is to transport the specialized equipment required to effect a rescue to the danger zone. It often plays a more direct role in rescues due to its heavy lifting capacity and great versatility.

Thunderbird 2's extendible legs are in different positions when on a mission than when in its hangar. If they were in the "mission" position in the hangar, they would be too close together to allow the pods to pass below the aircraft.

The font of the word "Thunderbird 2" written on the side of the front section often changes dramatically between shots. This is most noticeable during the launch sequence: when Thunderbird 2 leaves the ramp, the "2" is the same size as the word "Thunderbird" (both are barely legible); in the very next shot, the "2" has grown to double its original size and dwarfs the word "Thunderbird".

When Parker appeared on BBC1's The One Show in 2014, he said that the National Physics Laboratory wrote to Gerry Anderson saying that they thought something like Thunderbird 2 was aeronautically impossible in real life.

After narrowly escaping destruction during crash-dives in the episodes Terror In New York City and Ricochet, the original Thunderbird 2 is ultimately destroyed by The Hood's henchmen in the TV21 comic, Brains Is Dead. The Hood's henchmen also destroy the original Thunderbird 3 in the same story. Even the new Thunderbird 2 is destroyed later in another TV21 comic, The Zoo Ship when an attempt to fly Thunderbird 2 by remote control backfires causing Thunderbird 2 to crash and blow to pieces on its runway.

The legs of Thunderbird 2 were made of brass. When the model of the main fuselage was lifted onto its telescopic legs, leaving its pod on the ground, the structure sometimes weakened, resulting in the front section of the craft breaking away.

A behind-the-scenes photo shows that Thunderbird 2's grabs used to pick up the Seascape Drilling Rig diving sphere were actually held by a crewman pulling it up.